Isn Term Life Insurance like renting?
What do you say to those people who say, when you purchase term life insurance you are renting, and when you purchase cash value life insurance you would be buying the insurance, and buying is always better than renting? Answer : The argument we have made: the most important thing is to have maximum coverage at the time maximum coverage is needed. Most people cannot afford the maximum coverage in cash value life insurance, but they can afford the maximum coverage needed in term life insurance. When you retire your needs for life insurance diminish considerably. You should purchase some cash value life insurance, but most of the coverage should probably be term insurance, unless you have an Estate Tax problem..
